A New Partner Was Admitted but the Assets Weren't Revalued

question 50

Multiple Choice

A new partner was admitted but the assets weren't revalued.A revaluation would have decreased the worth.This error would cause:

• A)future period's net income to be understated.
• B)future period's net income to be overstated.
• C)this period end assets to be understated.
• D)cash and capital to lower.

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Definitions:

Positive Reinforcement

A method in behavioral psychology that involves rewarding a behavior to increase the likelihood of its recurrence.

Group Therapy

A therapeutic strategy where a small group of individuals share their experiences and issues under the guidance of a therapist.

Psychoanalysis

A theory and therapeutic approach developed by Sigmund Freud that emphasizes exploring unconscious motives and conflicts as a path to understanding and treating psychological issues.

Cognitive Revolution

A significant shift in psychology during the mid-20th century that emphasized the importance of mental processes and knowledge acquisition in understanding human behavior.